ERP Operating Partnership Upsizes Commercial Paper Program to $2.5B

Summary of Event

On September 16, 2026, ERP Operating Limited Partnership (the operating partnership of Vivmark Residential, NYSE: VMRK) expanded the capacity of its U.S. dollar-denominated unsecured commercial paper program:

• Program Expansion: Increased the maximum aggregate principal amount of unsecured commercial paper notes issuable and outstanding at any time from $1.5 billion to $2.5 billion (a $1.0 billion expansion).
• Seniority & Terms: Notes are issued under customary commercial paper market terms and rank pari passu with all other senior unsecured obligations of the Operating Partnership.
• Regulatory Exemption: The notes are offered under Section 4(a)(2) of the Securities Act of 1933, as amended, exempt from registration requirements.

Market Impact & Liquidity Implications

• Liquidity Management: Expanding the commercial paper program by $1.0 billion enhances short-term borrowing flexibility and working capital management, likely replacing or complementing existing credit facility draws at competitive short-term money market rates.
• Significance: Low trading significance for equity investors, as this is a standard corporate treasury and liquidity optimization action rather than a material credit event or change in long-term leverage profile.